ShippingWatch

Torm under pressure from new deficit and lacking creditor agreement

The shipping company Torm has a pre-tax deficit of $59 million in the second quarter of 2012 before special items of $73 million, writes the company, which has not yet reached an agreement with its creditors.

Torm has a pre-tax deficit of $59 million in the second quarter of 2012 before special items of $73 million, writes the company in its financial report.  

“The financial results in the second quarter of 2012 were negatively affected by the challenging market conditions as well as Torm’s difficult financial situation. Torm experiences full support for a final restructuring agreement from all involved parties,” says CEO Jacob Meldgaard.

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