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Torm doubles operating profit on stronger rates

Product tanker ship operator Torm more than doubled its operating profit in the third quarter, where time charter rates remained higher than last year despite seasonal weakness. The company also sees a stronger market ahead of 2020.

Photo: PR / Torm
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Torm reports a third quarter in which its operating profit surged and the deficit was reduced, due mainly to stronger time charter rates in the product tanker market.

The prospect of the coming IMO sulfur regulations in 2020, combined with individual events, helped drive the rates to the highest level in more than a decade – after the quarter ended.

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