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:

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

SDK Freja anticipates steep earnings drop following record year

Logistics company SDK Freja, which delivered record financials with great advancement on top and bottom lines, takes a more gloomy view of the current fiscal year due to several ”external factors.” However, the growth target remains the same, CEO tells ShippingWatch.

LNG carriers concerned about increasing ship prices

The price on new LNG vessels has soared vigorously, and for Flex LNG this has meant a withdrawal from the market for new ships. Such was the statement by Flex LNG’s chief exec at Marine Money in New York, where he also announced new long-term charter agreements.

Maersk ships delayed up to three weeks on US east coast

Bottlenecks at major container ports on the US east coast have entailed that Maersk vessels are affected by delays of up to three weeks. It’s a combination of congestion, many ships, and a lack of container space, Maersk says.

Further reading

Related articles

Latest news

See all jobs