Torm achieved a 2012 deficit of USD 579 million before taxes

Shipping company Torm achieved a massive 2012 deficit of USD 579 million, according to the annual report for last year. The company expects another deficit for 2013.

The massive deficit for 2012 was expected, and the final figure is now available in print. The shipping company achieved a deficit of USD 579 million in 2012, according to the annual report 2012.

"2012 was marked by the uncertainty surrounding the Company’s financial situation and the continued adverse market conditions in the product tanker and dry bulk markets. In November 2012, TORM completed a restructuring with the cooperation of the Company’s lenders and time charter partners, which provides the Company with a stable platform for the coming years. The Board and Management are confident that the Company will demonstrate the ability to create a long-term foundation for the Company in close cooperation with its lenders and shareholders," says Chairman of the Board Flemming Ipsen.

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