TORM Sells Product Tanker

Friday, June 17, 2011
TORM has entered into an agreement to sell the product tanker Potrero. The vessel has been sold for a total consideration of $14m. Potrero will be delivered to the new owner either in the second or in the third quarter of 2011, where the effect of the transaction will be recognised in the financial statements. The sale implies an accounting loss of $7m. 
 
The sale of Potrero, built in 1999, is a natural consequence of TORM's strategy to own and operate a modern fleet. Following the sale of the vessel, TORM's own fleet consists of 67.5 product tankers and two dry bulk vessels. In addition, TORM has four product tankers and two dry bulk vessels on order.
 
The transaction does not change the Company's forecast for 2011 of a loss before tax of $100-125m.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1913 sec (5 req/sec)