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.

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