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 (TORM.CO)
'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.