In the first quarter of 2013, TORM realized a positive EBITDA of $36 million and a loss before tax of $16 million.
“The seasonally strong first quarter in the product tanker segment was the best we have seen since the beginning of the financial crisis. TORM positioned itself well to take advantage of the market improvements, and we saw the positive effects of TORM’s restructured time charter fleet and the cost program. Cash flow from operations after interest was positive,” said Torm's CEO, Jacob Meldgaard.
The full report can be viewed here: www.torm.com/uploads/media_items/no-10-2013-08-05-2013.original.pdf.