Wednesday, November 15, 2017
Monday, November 30, 2015
Wednesday, September 23, 2015
Tuesday, June 23, 2015
Wednesday, May 13, 2015
Tanker Owner TORM Posts First Profit in Five Years
Danish product tanker owner TORM has posted its first quarterly net profit in five years helped by lower oil prices and higher refinery margins. In the first quarter of 2015, TORM...
Monday, October 27, 2014
Monday, June 30, 2014
Wednesday, May 14, 2014
Depressed Tanker Rates Spell More Trouble for Torm
COPENHAGEN, May 14 (Reuters) – Debt-stricken Danish shipping company Torm said it would not be able to comply with its financial covenants on minimum interest cover when they are tested...
Friday, March 7, 2014
Saturday, January 18, 2014
International Refiners Rush To Ship Gasoil, Diesel To Freezing U.S.
Refiners in Asia, Europe and Russia are shipping around half a million tonnes of heating oil and diesel to the United States this month after bitterly cold weather sharply reduced oil stocks there.
Thursday, August 15, 2013
Torm Sees Tanker Demand Benefiting From Indian Refining Growth
Aug. 15 (Bloomberg) — Demand for tankers to haul fuels including gasoline will benefit for several years as refinery expansions in India and the Persian Gulf drive up deliveries to...
Wednesday, April 24, 2013
Restructuring Complete, Company Stable…Torm CFO Resigns
In early 2012, Torm was carrying $1.9 billion of debt while lacking means to repay this debt. A Chapter 11 filing and the painful process of restructuring soon followed. Torm’s...
Monday, April 22, 2013
Tuesday, October 2, 2012
TORM Shares Rise 22 Percent Following Restructuring Agreement
Following a restructuring agreement signed today between the debt-crushed shipowner Torm, their banks, and their time-charter partners, Torm’s stock has shot up over 20 percent on the Nordic stock exchange...
Thursday, July 19, 2012
Crushed By Debt, Torm Responds to Latest Claims By Danish Media
COPENHAGEN–Financially-troubled Danish shipper Torm A/S (TORM.KO) said Thursday it is still in talks to seal a long-term debt refinancing deal that will allow it to stay afloat, responding to media reports claiming...
Monday, April 23, 2012
TORM Shareholders Left With Pennies, Banks Gain 92.5% After Capital Injection
COPENHAGEN (Dow Jones)–Financially strapped Danish shipping company Torm A/S (TORM.KO) said Monday a planned liquidity injection would result in its bank group holding 92.5% of the company’s shares and voting rights. It...
Monday, April 2, 2012
TORM’s Capital Injection Talks Collapse, Restructuring Imminent [REPORT]
STOCKHOLM (Dow Jones)–Negotiations on a capital injection to save troubled Danish tanker and bulk vessel operator Torm A/S (TORM.KO) have collapsed, and its lenders are now likely to seek a restructuring of...
Tuesday, March 27, 2012
Torm Negotiates with Investor Groups to Stave Off Bankruptcy
(Dow Jones) Danish tanker and bulk vessel operator Torm A/S (TORM.KO) said Tuesday it is in final talks with two international groups of investors for a capital injection that could save the...
Friday, March 16, 2012
Torm Seeks Reduction in Capital Expenditures, Cancels Newbuild of Product Tanker
Danish shipping company Torm A/S (TORM.KO) has entered into an agreement to cancel one medium range (MR) product tanker newbuilding, which was scheduled for delivery in the second quarter of 2014. The parties...
Friday, March 9, 2012
TORM Announces Sale of Medium Range Product Tanker
TORM has entered into an agreement to sell the MR product tanker TORM Lana. The parties have agreed not to disclose the sales price. TORM Lana will be delivered to...
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