Torm raises its guidance

Torm has raised its full-year guidance following a Q3 report showing a pre-tax deficit of USD 26 million. The product tanker market remained weak, while dry bulk also weighed down.

Torm has just presented a financial report for the third quarter of the year that sees the Denmark-based shipping group raising its guidance for the full year.

EBITDA landed at USD 14 million in Q3, while the pre-tax deficit came to USD 26 million. The result sees Torm raising its EBITDA guidance for the full year to a profit in the range USD 70-80 million from the previous USD 50-70 million. Meanwhile, the carrier now expects a slightly smaller pre-tax deficit of USD 280-290 million instead of the previous USD 290-310 million range.

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