Torm still awaits bank clarification

Tomorrow (Tuesday 21 August), Torm will present its second quarter report even though a final bank agreement is not in place. Five times during 2012, Torm has published a stock exchange announcement that the shipping company expects to have its provisional bank agreement on the company’s debt prolonged.

Photo: Mik Eskestad

Five times during 2012, Torm has issued a stock exchange announcement saying the shipping company expects to renew its provisional agreement with the banks concerning the company’s debt. Every time, the announcement has been followed by a new press release in which the shipping company’s group of banks repeats its support to the company saying that a long-term solution must be found even though it has still not been the case.

Tomorrow, all eyes will again be on Torm’s debt of USD 1.8 billion and comments on a probable long-term deal with the carrier’s 15 banks as the carrier presents its second quarter report.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

One alternative fuel may be particularly dangerous

In a new study – which Maersk, Shell, Euronav and MSC Ship Management, among others, are behind – the new alternative fuels are ranked based on how dangerous they are. The industry has to be careful with one of them, in particular.

Related articles

Latest news

See all jobs