Torm was born in Aalborg, the son of merchant and later shipbroker in Randers Ulrich Frederik T. (1801–1866) and Severine Birgitte Friis (1803–1881).

After his return to Denmark, Torm initially worked for Dampskibsselskabet København.

He left the company when he was treated unfairly in connection with the wrecking of S.S. Fyn.

Torm headed the office while Schmiegelow sailed their first ship, the steamer S.S. Alice.

He was also a member of the Maritime and Commercial Court (Sø- og handelsretten).