World News
TORM to Delist from Nasdaq Capital Market
Danish shipping company TORM A/S [NASDAQ:TRMD] says it has officially begun the process of terminating its American Depository Receipt (ADR) program, taking the shares off the Nasdaq capital market
The securities will be removed and deregistered from the Securities Exchange Act.
TORM said it has mailed a 30-day notice of termination of the deposit agreement to ADR holders, and the termination should be effective around July 19, and the shares should stop trading on the Nasdaq capital market at that time.
ADR holders have until October 17 to trade the ADRs for common shares of the company, which trade on the Nasdaq OMX Copenhagen exchange.
TORM, which underwent a restructuring program last year in response to financial difficulties, announced plans to eliminate the ADR program in April, citing the ADR program's small size and the costs of remaining on the exchange.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
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