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Newspaper: Banks preparing to sell Torm

According to Danish newspaper Berlingske, Nordea and Danske Bank were in New York late this spring to present Torm to a series of interested equity funds.

BY OLE ANDERSEN

Danske Bank and Nordea have, according to Berlingske's information, been in New York late this spring to present Torm to a series of interested private equity funds. The banks' and the shipping company's recent dismantling of the dry bulk segment by returning 20 ships to their owners should be seen as part of the preparations for the sale, writes the newspaper on Friday.

"Torm does not have the necessary resources to achieve a sufficiently attractive position in the dry bulk segment. As a result, Torm has decided to focus all its available resources on the strong operational platform in the product tank segment," writes Chairman Flemming Ipsen in an email to Berlingske.

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