TORM Sale, Leaseback Agreement for Product Tanker

Thursday, June 09, 2011

TORM has entered into a sale and leaseback agreement for the product tanker TORM Marie. The vessel has been sold for a total consideration of $46m. The transaction will be treated as a sale with an accounting profit of $7m.                                                                       

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 7 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 68.5 product tankers and two dry bulk vessels. In addition, TORM has four product tankers and two dry bulk vessels on order.
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

WTO Rules Against Argentina Licensing Rules in Row with US, EU, Japan

A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against

Odfjell 2Q Results In Line with Expectations

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%.

 
 
Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1749 sec (6 req/sec)