ShippingWatch

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.

Read the whole article

Get 14 days free access.

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

Maersk Tankers CEO sees no reason to merge tanker carriers

It has long been discussed, and the chief executive of a competitor points to Maersk Tankers as a driver in the tanker sector's consolidation race. However, Maersk Tankers CEO Christian M. Ingerslev does not see much sense in combining balance sheets, he tells ShippingWatch.

Further reading

Related articles

Latest news

See all jobs