Torm fleet increases despite major cost savings

Since 2008, the much-tried shipping company Torm has carried out cost savings and efficiency enhancements, yet today the company manages a fleet larger than the one it was running four years ago.

From 2012 to 2015, a combination of fuel savings, efficiency enhancements, and savings on ships’ operating costs and administration must provide Torm further cost savings of USD 100 million in total. The planned cost savings of USD 100 million for the coming year is in addition to the cost-cutting program Torm has run since 2008.

In the third quarterly report from 2012, which was published on Wednesday, it is apparent that the company’s cost-cutting program has contributed to bringing down administration costs to USD 15 million in the third quarter of 2012, corresponding to a reduction of 11 percent compared to the same 2011 quarter and 34 percent compared to the 2008 result.

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