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 have agreed not to disclose the terms.
“With this agreement, Torm’s order book is empty. A substantial reduction in CAPEX commitments has been a key element towards the Company’s long-term financial solution,” says CFO Roland M. Andersen
The effects of the transaction will be recognized in the financial statements in the first quarter of 2012 and lead to a P&L loss of approx. USD $2 million. It does not have any short-term cash impact.
Following the cancellation, TORM’s owned fleet consists of 66 product tankers and 2 dry bulk vessels. Torm no longer has any newbuildings on order.
(Bloomberg) — Poland will propose a maritime policing program in the Baltic Sea similar to air-monitoring missions carried out by NATO members, Prime Minister Donald Tusk said on Wednesday. Tusk...
Sweden’s Navy completed a survey of the seabed near one of the damaged data cables in the Baltic Sea as the Nordic country investigates potential sabotage against the underwater infrastructure.
A Russian Navy frigate equipped with new generation hypersonic cruise missiles has conducted drills in the English Channel and is carrying out tasks in the Atlantic Ocean, Russian news agencies reported on Tuesday.
November 12, 2024
Total Views: 2400
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.