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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Canadian Authorities seek to contain oil spill moving down river

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

NASSCO Bags USS Oak Hill Modification Award

General Dynamics NASSCO-Norfolk was awarded a $42 million cost-plus-award-fee modification to a previously awarded contract for the repair and alteration for the USS Oak Hill (LSD-51).

Vessels

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Live Fish Carrier Launched at Gondan

At high tide, the vessel “MARTIN SÆLE”, the first Live Fish Carrier built by Gondan Shipyard in Figueras, was successfully launched today. Representatives of the owner of the vessel,

GTT Cuts Outlook on Ship Construction Delays

French supplier of systems for marine transportation of liquified natural gas (LNG) Gaztransport & Technigaz (GTT) reported strong growth in its first half results

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
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: 0.0733 sec (14 req/sec)