Torm, the largest operator of gasoline and jet-fuel tankers, said first-quarter profit fell 92 per cent after the sale of a unit in the same period last year, adding that it is now benefiting from 'strong' tanker rates. Net income dropped to US$52.2 million, from US$674.4 million, a year ago, Torm said in a statement on Friday. Last year's figure included US$704.2 million from the sale of its stake in D/S Norden A/S.
Rising shipments of refined fuels such as gasoline and gasoil to the US have lifted tanker earnings more than expected at the start of the second quarter, CEO Klaus Kjaerulff said. Higher rental rates in the Western hemisphere, where most of the line's fleet is stationed, also added to earnings, Torm said.
Torm retained its April 25 forecast for profit before tax this year of between US$250 million and US$270 million after a warm winter and rising fuel costs eroded profit in the first quarter.
Rising shipments of refined fuels such as gasoline and gasoil to the US have lifted tanker earnings more than expected at the start of the second quarter, CEO Klaus Kjaerulff said. Higher rental rates in the Western hemisphere, where most of the line's fleet is stationed, also added to earnings, Torm said.
Torm retained its April 25 forecast for profit before tax this year of between US$250 million and US$270 million after a warm winter and rising fuel costs eroded profit in the first quarter.