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.

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