World News
TORM Reduces Loss in Q2
Danish shipping company TORM A/S [NASDAQ:TRMD] reports that it reduced its losses to $30.2 million on revenues of $289.4 million in the second quarter of 2013, compared with a loss of $132.1 million on revenues of $272.3 million in the same period last year after undergoing a restructuring effort in 2012.
"TORM was well positioned to take advantage of the positive sentiments in the product tanker market," said CEO Jacob Meldgaard.
"TORM's operational platform improved further in terms of quality, cost-efficiency and customer reach."
The company reported that freight rates for product tankers benefitted from increasing U.S. exports to South America and West Africa, and spot rates for several tanker segments improved.
MR product tankers, TORM's largest tanker segment, achieved spot rates of $17,060 per day, up 48 percent year-over year.
The company noted that it has agreed to sell five MR product tankers to entities controlled by Oaktree Capital Management, leading to a $5 million write-down.
When the company announced the planned sale in April, it said the bank group was exercising an option obtained in last year's restructuring.
TORM also said it has reduced administration costs by 13 percent to $14 million through a cost program.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
Popular Now More
-
Apr 23Initial Ship & Bunker analysis shows ships would need to use between 17.6% and 23.3% biofuel in B100 terms to avoid penalty charges in 2028. -
Apr 24Suppliers in South Korea are already shifting to the use of MFMs, and barge fees are likely to rise in the country as a result, a local source tells Ship & Bunker. -
Apr 24FincoEnergies has partially acquired the business operations of bunker supplier Oliehandel Klaas de Boer.