Torm: Bank agreement limits our options

The restructuring agreement reduces Torm's freedom, as purchasing new ships, for instance, is no longer an option. As a result, the shipping company is focusing on other initiatives to improve the foundations of the company, Torm's chairman tells ShippingWatch.

Photo: APM

Even though the banks' commitment to Torm has served as a safety net for the struggling shipping company, the restructuring agreement comes with a dark side as well, says Flemming Ipsen to ShippingWatch following the Torm general assembly on Thursday:

"The bank agreement limits our options in several regards - for instance the fact that we can't purchase new ships, that we have to save up. So there are some knobs we can't turn. But the knobs we can turn will ensure that our existing platform is further improved, thus in time making us even better," he says, reffering to the board and management's new strategy, One Torm.

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