ShippingWatch

Torm resurrected as well-padded tanker carrier

After years of trials, Torm will now have a net capital of about USD 890 million. "Over a period of five years we have not renewed our fleet and it is obvious that this is something that needs to be evaluated," CEO Jacob Meldgaard tells ShippingWatch.

Following the restructuring, Torm will be a particularly well-padded tanker carrier after several years of severe debt crisis and negative net capital. The debt in the new recapitalized Torm will constitute less than 50 percent of the assets in the company. A capital foundation which also enables Torm to finance a necessary renewal of the carrier's fleet.

According to the half-year interim report, the new Torm will have a net capital of USD 890 million. At the end of the second quarter this year the carrier's net capital stood at negative USD 152 million.

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