Monday, March 1, 2021

TORM Scoops Up 8 MR Product Tankers from TEAM Tankers

TORM Tankers has announced plans to acquire eight medium-range product tankers from TEAM Tankers for approximately $148 in cash and shares. The eight vessels were all built at Croatia’s Brodotrogir...

March 1, 2021
Total Views: 1333

Wednesday, November 15, 2017
torm tanker
Maritime News

TORM Files for US Nasdaq Listing

Tanker company TORM has announced its plan to list its shares on the NASDAQ Stock Market in New York, which TORM expects to complete before the end of 2017. TORM...

November 15, 2017
Total Views: 27

Monday, November 30, 2015
Maritime News

TORM Orders Four LR2 Tankers for $200 Million

Denmark-based tanker owner TORM says it has ordered four newbuild LR2 tankers from Guangzhou Shipyard International (GSI) in China for $200 million, with options to build up to six additional...

November 30, 2015
Total Views: 6

Wednesday, September 23, 2015
Maritime News

Torm Exits Sluggish Dry Bulk Market

  By Ole Mikkelsen COPENHAGEN, Sept 23 (Reuters) – Danish shipping company Torm said on Wednesday it would withdraw from the lacklustre dry bulk shipping market after selling two vessels...

September 23, 2015
Total Views: 2

Tuesday, June 23, 2015
Maritime News

TORM Tanker Picks Up 200 Migrants Off Libya

  A TORM product tanker on Sunday assisted Italian authorities in a rescue operation to save migrants from two unseaworthy boats off the Libyan coast. TORM, one of the world’s...

June 23, 2015
Total Views: 27

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...

May 13, 2015
Total Views: 2

Monday, October 27, 2014

Torm’s Restructuring Plan Progresses

After losing 13 product tankers to Oaktree Capital Management earlier this year, Danish shipowner Torm has entered into an agreement with its 40+ lenders and Oaktree regarding a possible restructuring plan. The...

October 27, 2014
Total Views: 4

Monday, June 30, 2014

Torm Tanker Evades Pirate Attack in Gulf of Aden

A product tanker owned by Copenhagen-based Torm successfully fended off a group of pirates in the Gulf of Aden, the company said in a statement over the weekend.

June 30, 2014
Total Views: 18

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...

May 14, 2014
Total Views: 5

Friday, March 7, 2014

Torm Loses 13 Product Tankers to Oaktree

As part of Torm’s 2012 restructuring agreement, three bank facilities were given certain specific option rights up until 31 July 2014 that could trigger a sales process for up to 22...

March 7, 2014
Total Views: 296

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.

January 18, 2014
Total Views: 2

Thursday, August 15, 2013
torm tankers

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...

August 15, 2013
Total Views: 0

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...

April 24, 2013
Total Views: 1

Monday, April 22, 2013
Press Releases

TORM Sells Five MR Product Tankers to Oaktree

TORM has entered into an agreement to sell five MR product tankers to a company controlled by Oaktree Capital Management. The sale is a consequence of the specific option rights,...

April 22, 2013
Total Views: 0

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...

October 2, 2012
Total Views: 0

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...

July 19, 2012
Total Views: 0

Monday, April 23, 2012
Torm Tankers

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...

April 23, 2012
Total Views: 7

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...

April 2, 2012
Total Views: 0

Tuesday, March 27, 2012
torm tankers

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...

March 27, 2012
Total Views: 4

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...

March 16, 2012
Total Views: 8