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Torm

Torm is a danish shipping company from Denmark with headquarters in Copenhagen. Torm uses bulk carriers and product tankers to transport mainly gasoline and diesel oil. The companys dry bulk vessels are primarily of the panamax size. Torm also operates Handysize bulk carriers.

Tanker rates need to improve before Torm launches IPO

Jacob Meldgaard CEO Torm Tanker:

Torm CEO Jacob Meldgaard has not shelved the IPO plans even though the carrier suffered a big deficit of USD 142 million for the year after a fleet impairment of USD 185 million. But the tanker rates will need to improve and oil stockpiles go down before a listing becomes relevant, he tells ShippingWatch.

Tanker CEOs look with pessimism at 2017

jacob meldgaard torm.jpg Tanker:

The fourth quarter 2016 did not end well. This is the concurrent assessment from the head honchos of tanker; CEO of Euronav, Paddy Rodgers, and CEO of Torm, Jacob Meldgaard. And 2017 looks set to be weighed down by the many new vessels entering the fleet.

J. Lauritzen supports Maersk in Alang controversy

værftsarbejdere.jpg Carriers:

J. Lauritzen deems it visionary of Maersk to recycle vessels in Alang. If India is going to improve, the carriers have to put on the pressure, the bulk carrier tells ShippingWatch. Norden cites the Hong Kong Convention, just as Maersk does. Torm is working on its scrapping policy.

Weak tanker market trips up Torm's IPO plans

Jacob Meldgaard CEO Torm Tanker:

The time is not right for Torm to go public on the New York Stock Exchange. The boom in the product tanker market is slowing down and investors are hesitating. But the carrier is ready as soon as things turn around, says CEO Jacob Meldgaard to ShippingWatch.

Torm and Hafnia are investor hunting on Park Ave

Manhattan.jpg Tanker:

Over the next few days, basically every living entity in tanker carriers and potential investors will meet in New York at an event oddly reminiscent of speed-dating. The equity funds on Park Avenue are immensely popular right now, and carriers such as Torm and Hafnia are itching for an IPO.

Torm takes next step in England move

Torm5.jpg Carriers:

Danish product tanker Torm has taken the next step towards dual listings in Copenhagen and New York as the carrier is now awaiting final approval from its shareholders before formally relocating the holding company to Torm plc in England.

Jacob Meldgaard: Still aiming for an IPO this year

Jacob Meldgaard CEO Torm Tanker:

Torm's CEO Jacob Meldgaard is definitely looking ahead after a 2015 in which the years of restructuring were finally completed and the product tanker market was booming "An IPO in New York in addition to Copenhagen is still the goal," he says to ShippingWatch adding a "...but".

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Facts

  • Founded: 1889
  • Founder: Ditlev Torm
  • Headquarters: Copenhagen
  • Website: www.torm.dk
  • Number of Seafarers: approx. 2,700
  • Land based staff: 275
  • COO: Mikael Skov
  • CFO: Mads Peter Zacho

Torm offices are located in Copenhagen, Manila, Singapore, Mumbai and Houston

 

CEO Jacob Meldgaard

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Previously Executive Vice President of the Danish shipping company D/S Norden where he was in charge of the company’s dry cargo division. Prior to that he held various positions with J. Lauritzen and A.P. Møller-Mærsk. More than 25 years of shipping experience.

 

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