Hurricane Sandy lifts Torm’s rates significantly

Following a weak third quarter for the tank market as a whole, Torm is now experiencing the best market in two years across the company’s entire fleet, says Torm CEO Jacob Meldgaard to ShippingWatch.

Photo: Mik Eskestad

Hurricane Sandy, which recently ravaged the American East Coast, has lifted the tank rates up to the highest level in two years. Torm CEO Jacob Meldgaard says to ShippingWatch that this could be taken as a sign that the tank market is also improving on the long term.

“We have, like the rest of the industry, had a poor market in the third quarter, and Torm has been in a situation where we lacked clarification about the shipping company’s financial situation. But right now, across our entire fleet, we’re seeing the best market in two years. This is primarily because of Hurricane Sandy, which has meant that the normal supply of products from the refineries has been shut down, and that ships have been taken out of the affected ports. So the spot market in the Western part is better now than it has been for years,” says Jacob Meldgaard.

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