Major impairment hits Torm with USD 142 million loss in 2016

A large impairment of USD 185 million dragged Torm into a USD 142 million deficit in 2016. Like the rest of the tanker market, the carrier came under pressure from the sliding demand for tanker vessels in the second half of the year. The carrier will no longer publish its expectations.

An impairment of USD 185 million pulled Torm into the red in the full year 2016 with a pre-tax deficit of USD 140 million, according to the equity-fund owned carrier's annual report, published Thursday.

Before the impairment, which will not impact liquidity, the result was a profit of USD 43 million, after an operating profit (EBITDA) of USD 200 million.

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