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Torm has negative equity of 100 mio USD

Early 2014 was yet another difficult quarter for Torm, as the carrier suffered a deficit of USD 222 million before taxes. The company has a negative equity of around USD 100 million.

BY TOMAS KRISTIANSEN

Torm suffered a deficit of USD 222 million before taxes in the first quarter 2014, according to the carrier's interim report.

“The first quarter is usually a strong period for product tankers, but this year freight rate improvements were partly offset by limited arbitrage trades and continued low European demand,” says CEO Jacob Meldgaard, adding:

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