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 plc said Wednesday that would file a registration statement with the U.S. Securities and Exchange Commission later today in connection with its direct share listing on the Nasdaq. TORM's shares are already listed … [Read more...]

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 tankers. The four LR2 tankers are scheduled for delivery in fourth quarter of 2017 and the second quarter of 2018. The six options may be within the LR2, LR1 or MR segments with … [Read more...]

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 to an undisclosed buyer and handing back another leased bulker at the beginning of October. The sector, transporting commodities such as coal, timber and steel, has never fully … [Read more...]

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 leading carriers of refined oil products, says that on the morning of 21 June 2015 its Singapore-flagged TORM Arawa was drifting off Zawiya, Libya when it received a distress call from the … [Read more...]

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 realized a positive EBITDA of US$53 million and a profit before tax of US $9 million. TORM’s largest segment, MRs, achieved spot rates of US$25,275 per day in the first quarter of 2015, up by 66% … [Read more...]