Torm sells its share of joint venture company

The sale of the company Ugland & Torm Shipowning means a loss of approximately USD 5 million, but has a positive cash impact.

Photo: Rederiforeningen

Torm has made a deal to sell its 50 percent capital share of joint venture company Ugland & Torm Shipowning ApS. The company’s main asset is a 2007-built LR1 product tanker, the Torm Ugland.

The transaction will be recognized in the financial statements for the second quarter of 2012, and will bring with it a loss of approximately USD 5 million. The deal has a positive cash impact of approximately USD 10 million.

Following the sale, Torm’s owned fleet consists of 66 product tankers and two dry bulk vessels.

Torm CEO: We have performed better than the market 

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