ShippingWatch

CEO: 2013 a huge step forward for Torm

"We expect a positive cash flow from our operations as early as 2013, we've paid interest to the banks. That's a huge step forward for us and it creates stability on the platform," says CEO of Torm, Jacob Meldgaard, in an interview with ShippingWatch.

Photo: Mik Eskestad

Torm has put the worst in the past following a new deficit in 2012, of USD 579 million, particularly weighted down by expenses related to the restructuring agreement as well as impairments. And in spite of expectations for another USD 100-150 million deficit in 2013, the shipping company's CEO, Jacob Meldgaard, in an interview with ShippingWatch, sees many bright spots for the struggling company.

"We expect a positive cash flow from our operations as early as 2013, we've paid interest to the banks. That's a huge step forward for us and it creates stability on the platform," says Jacob Meldgaard, who refrains from commenting on 2014, where market expectations for product tank are the best in years.

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