Copenhagen-based Torm shipping company posted a loss before tax of 27m dollar for Q3, compared to a profit of $44 million in the same period of 2009. The result in Q3 2010 is not satisfactory and slightly below expectations,Torm CEO Jacob Meldgaard said.
The result before tax for the first nine months of 2010 was a loss of $49 million and included a profit of $18 million from sale of vessels.
Torm still forecasts a loss before tax of $75-85m for 2010.
At 30 September 2010, Torm had covered 30% of the remaining earning days for 2010 in the Tanker Division at USD/day 16,173 and 87% of the remaining earning days in the Bulk Division at USD/day 19,791.
A/S Dampskibsselskabet TORM or TORM, based in Copenhagen, Denmark, is a shipping company that owns and operates product tankers and bulk carriers. TORM's company's tankers carry refined oil products such as gasoline, jet fuel, naphtha and diesel oil. The company's dry bulk vessels are mainly focused in the Panamax segment.
The result before tax for the first nine months of 2010 was a loss of $49 million and included a profit of $18 million from sale of vessels.
Torm still forecasts a loss before tax of $75-85m for 2010.
At 30 September 2010, Torm had covered 30% of the remaining earning days for 2010 in the Tanker Division at USD/day 16,173 and 87% of the remaining earning days in the Bulk Division at USD/day 19,791.
A/S Dampskibsselskabet TORM or TORM, based in Copenhagen, Denmark, is a shipping company that owns and operates product tankers and bulk carriers. TORM's company's tankers carry refined oil products such as gasoline, jet fuel, naphtha and diesel oil. The company's dry bulk vessels are mainly focused in the Panamax segment.