ShippingWatch

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.

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:

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
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

Nina Østergaard Borris takes over as USTC's CEO

Danish billionaire Torben Østergaard-Nielsen passes the position as CEO of USTC to his daughter Nina Østergaard Borris. ”A joint decision by the ownership,” Østergaard-Nielsen tells newspaper.

Further reading

Related articles

Latest news

See all jobs