EMEA News
Torm Sees Second Quarter Profits Rise
Tanker operator Torm has posted strong pre-tax second quarter profits on the back of buoyant export demand and demand for floating storage.
Profits came in at $71 million compared to $5m in the same period a year ago and were, in part, boosted by vessel sales.
"The strong market was a result of the COVID-19 outbreak that dramatically reduced oil demand while at the same time the OPEC+ price war resulted in an increased oil production in March and early April," the company said.
The result was "stock building of an unprecedented scale, including floating storage" although from the end of June the market has started to rebalance, the company added.
Torm's scrubber installation programme is on track with 40 of its 49 planned emissions abatement units installed on its ships. Six more are expected to be in place this year, it said.
Looking head, executive director Jacob Meldgaard said the company's performance in the third quarter was also looking positive.
