ShippingWatch

Torm's overheated spring turned into a cold shower over summer: "We're challenged"

Product tanker operator Torm secured a small profit in the third quarter but projects a loss in the fourth, says Executive Director Jacob Meldgaard. The 2021 outlook for product tanker is uncertain.

Photo: PR/Torm

The golden product tanker market in spring with record-results, soaring demand and booming rates is no longer. Now tanker companies instead face an uncertain and loss-making reality. This includes Torm.

The Danish product tanker company just presented its interim report for the third quarter, which shows a small profit of USD 1 million before taxes.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs