World News
TORM Announces Technical Completion of Restructuring
Danish shipping firm TORM A/S (TORM) [NASDAQ:TRMD] today announced the technical completion of a restructuring with its banks and time charterers.
The plan, first announced in October 2012, gives banks 72.8 percent ownership of the company, while 17.2 percent belongs to time charter partners, and the remaining 10 percent to existing shareholders.
"With the completion of the restructuring TORM has gained time for a potential market improvement and to secure the future, long-term capital structure," said Chairman of the Board N. E. Nielsen.
However, the company said continuing difficult conditions in the tanker and bulk markets could cause it to be in breach of the new financial agreements during 2013.
If recent improvements in product tanker freight rates are sustainable, it said it will be able to service interest and installment obligations on its bank debt as they become due.
The restructuring gives the company a new working capital facility of $100 million.
"I am proud that our time charter partners and banks have shown confidence in TORM," said says CEO Jacob Meldgaard.
"We remain committed to delivering best-in-class performance on customers, quality and costs."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 628.00 | 1.00 | 736.50 | 0.50 |
| Rotterdam | 569.00 | 10.00 | 730.50 | 23.00 |
| Houston | 591.00 | 3.50 | 770.50 | 6.00 |
| Fujairah | 626.50 | 4.50 | 886.50 | 5.00 |
| Global 20 Ports Average | 644.00 | 2.00 | 825.50 | 0.00 |
| Global 4 Ports Average | 603.50 | 0.50 | 781.00 | 3.00 |
| Global Average Bunker Price | 700.00 | 0.00 | 883.50 | 0.50 |
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