TORM Sale, Leaseback Agreement

Thursday, June 02, 2011

TORM has entered into a sale and leaseback agreement for the product tanker TORM Margrethe. The vessel has been sold for a total consideration of $46m. The transaction will be treated as a sale with an accounting profit of $8m. The sale will be effected in the second quarter of 2011 where the effect of the transaction will be recognised in the financial statements. At the same time, the vessel will be leased back on a bareboat charter for seven years.

The transaction does not change the company's forecast for 2011 of a loss before tax of $100-125m. Following the sale and leaseback agreement, TORM's own fleet consists of 70.5 product tankers and two dry bulk vessels. In addition, TORM has four product tankers and two dry bulk vessels on order.

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

Viking Orders 2 Liebherr Cranes

An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices

Vessels

USCG Assists Sinking Vessel East of Nantucket

The Coast Guard is responding to a fishing boat taking on water 130 miles east of Nantucket, Massachusetts, Saturday. At about 12:45 a.m., the fishing vessel

KPCT Launches New Gulf Service

Containerized volumes are steadily increasing on the East Coast of India. Keeping pace with the growth, Krishnapatnam Port Co. Ltd. (KPCT) now offers a new service to the Gulf sector.

Launch of First Future Destroyer, Hobart

Speech delivered by the Minister for Defence, Kevin Andrews during the launch of Hobart - the first future destroyer: Thank you for being here on this very important day.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2983 sec (3 req/sec)