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Torm CEO looks forward to "double effect" in product tanker

As its competitors, Danish product tanker carrier Torm exits the third quarter in the red. Freight rates came to a historic low point during the quarter, reports CEO Jacob Meldgaard, who is nevertheless hopeful about the future. The same goes for Ardmore following a quarterly loss.

Photo: Marine Traffic / Rasmus Hoffmann

Torm exits the third quarter in the red amidst a historic low point in the product tanker market.

The Danish product tanker carrier books a loss of USD 14.1 million in the third quarter, according to its quarterly report released Wednesday morning. The loss marks a significant decline since the same period last year, which saw a profit of USD 1 million.

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