Things went the wrong way for Torm in the second quarter 2013 compared to the first three months of the year. The shipping company's deficit doubled, to USD 30 million before taxes, according to the financial report for the first half of the year. However, the result marks a significant improvement over the same period last year, when the company made a deficit of USD 132 million. And as such, the starting point is significantly better, says CEO Jacob Meldgaard in the financial report.
“Torm was well positioned to take advantage of the positive sentiments in the product tanker market. Torm’s operational platform improved further in terms of quality, cost-efficiency and customer reach. EBITDA for the first half of 2013 of USD 61 million was an improvement of USD 91 million compared to last year,” he says.