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

Finance

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Vessels

Davie Begins First Resolve-Class AOR Conversion

Davie Shipbuilding has cut first steel for the Resolve Class Auxiliary Oiler Replenishment vessel.   The project consists of converting a containership into an

Naviera Nabia Orders Newbuild from Gondan

Gondan Shipyard signed a new contract for the construction of a new vessel for Naviera Nabia, part of Acuña Group, from Bueu (Pontevedra-Spain). This new catamaran

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
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: 0.0783 sec (13 req/sec)