Torm Sees Best Rates Since 2008, Contemplates NY Listing

by Ship & Bunker News Team
Thursday November 12, 2015

Danish tanker company TORM A/S (Torm) Wednesday reported that it achieved record rates in this year's third quarter amid fleet expansion plans, adding that it is contemplating a listing on the New York Stock Exchange.

"Torm's strong operational platform has delivered the highest product tanker freight rates since 2008," stated Jacob Meldgaard, CEO of the company that was once close to bankruptcy.

The company says it achieved spot rates for its medium range product vessels of $24,599 per day during the quarter, a 77 percent year on year increase.

Torm further explained that, in addition to its potential listing on the New York Stock Exchange next year, it is mulling "a new structure," although the company did not elaborate with any further detail.

Overall, Torm is said to have achieved net earnings of $64.8 million during this year's third quarter, a $2.7 million year on year increase.

The company says that its fleet expansion project will see the delivery of a total of eight product tankers in 2015's fourth quarter, as well as an additional delivery during 2016's first quarter.

As of September 30, Torm's tanker fleet is reported to have had a $1.659 billion value, a $77 million increase from end of June.

In May, Torm posted its first profit in five years for the first quarter of 2015.

Ship & Bunker News Team
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