TORM Sells Two Dry Bulk Newbuilds

Wednesday, November 03, 2010

TORM has entered into an agreement to sell the two Kamsarmax dry bulk newbuildings TORM Karen and TORM Kate. Both vessels are planned to be delivered to TORM in Q1 2011. The newbuildings have been sold for a total consideration of USD 90 million with a total net loss of $16m.

The newbuildings are expected to be delivered to the new owner in the first quarter of 2011, where the effect of the transaction will be recognized in the financial statements.

"We consider timing of the sale to be attractive given the large number of new vessel deliveries in the coming years. Going forward we expect that the continued volatile dry bulk market will offer many interesting opportunities which we are ready to exploit," said CEO Jacob Meldgaard.

Following the sale of the vessels, TORM's owned fleet consists of 68 product tankers and two dry bulk vessels. In addition, TORM has seven 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

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

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 Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Simulators 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: 0.0811 sec (12 req/sec)