Iranian Ship Linked to Houthi Attacks Heads Home Amid Tensions
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
“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.
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