Torm made USD 77 million operating profit in 2014

Torm achieved a USD 77 million operating profit (EBITDA) in 2014, but the company's bottom line remains negative due to the carrier's significant debt. Torm's survival depends on a new bank agreement.

Torm delivered an operating profit (EBITDA) of USD 77 million in 2014, but the deficit before taxes came to USD 283 million, compared to a loss of USD 166 million the year before.

"In the fourth quarter of 2014, the product tanker freight rates reached the highest level since 2008 and the positive market sentiments have continued in 2015. TORM’s integrated platform has managed to take advantage of the stronger market," says CEO Jacob Meldgaard.

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