TORM revises the forecast for the result before tax for 2011

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Oct 2011

Since the quarterly release in August 2011 the global economic uncertainty and pressure on freight rates have persisted. In particular, the product tanker freight rates

in the second half of 2011 have been lower than expected. Therefore, TORM revises its forecast for the full year of 2011 from an expected loss before tax of USD 100-175 million to an expected loss before tax of USD 175-195 million. “Especially the freight rates for the larger vessel segments, LR1 and LR2, have been below expectations in the second half of 2011. It has been a challenging market for a prolonged period, but TORM remains confident that in the longer term the product tanker segment will benefit from improved market fundamentals,” CEO Jacob Meldgaard says. As planned, TORM will release its interim financial statement for the first nine months of 2011 on 17 November 2011.
Source: Torm