Torm Cuts Outlook on Weak Tanker Freight Rates

Friday, November 05, 2010

According to a Nov. 4 report from Reuters, Danish shipper D/S Torm (TORM.CO) lowered its guidance for 2010, saying it expected continued weak freight rates in the fourth quarter. The company’s previous guidance was for a 2010 pretax outlook of a $40-60m loss, but now gives an outlook for a $75-85m loss.

(Source: Reuters)

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