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Torm made USD 166 million deficit in 2013

Torm improved its annual result for 2013 to a deficit before taxes of USD 166 million. The carrier expects a 2014 deficit of up to USD 110 million before taxes, according to the company's annual report.

Photo: Thomas Tolstrup

Torm achieved a 2013 deficit before taxes of USD 166 million, a significant improvement over 2012, where the company's deficit before taxes came to USD 579 million, says the carrier today, Wednesday, in its annual report for 2013. The company is currently negotiating with investors and new owners as part of an ongoing sales process.

The operating result (EBITDA) came to a USD 96 million profit, up USD 291 million compared to 2012. The improvement was the result of "stronger market fundamentals in the product tanker segment combined with Torm's enhanced operational platform and customer relations," according to the carriers annual report 2013.

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