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Torm delivers first profit in five years

Low oil prices and a busy tanker market pushed Torm to a USD 8.6 million profit in the first quarter. In the same period last year the carrier suffered a USD 222.6 million deficit.

Tanker carrier Torm is able to present a profit on the bottom line for the first time in a long while first quarter pre-tax profit of USD 8.6 million, according to the interim report, published Wednesday. Things looked somewhat different and more bleak in the same period last year, where the carrier suffered a deficit of USD 222.6 million. Like other players in the sector, Torm has benefited greatly from towering demand and favorable rates.

"The combination of lower oil prices and wider refinery margins boosted the demand for transportation of refined oil products in the first quarter of 2015,” says CEO Jacob Meldgaard in a comment in the result, adding:

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