Tankship Owner Torm Report Lower Q1 Earnings YoY

Posted by George Backwell
Wednesday, May 14, 2014
Image courtesy of Torm

Danish shipping company Torm reported first-quarter core earnings lower than in the same quarter last year and lowered its guidance for 2014.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to $21 million from $36 million last year.

The company narrowed its expectations for the full-year, seeing core profit of between $70 million and $100 million versus an earlier forecast of $70 million to $110 million.

"The first quarter is usually a strong period for product tankers, but this year freight rate improvements were partly offset by limited arbitrage trades and continued low European demand," chief executive Jacob Meldgaard said in the statement.

(By Ole Mikkelsen;

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Boeing, Liquid Robotics Enter Maritime Surveillance Partnership

Boeing and Liquid Robotics signed a global, multiyear teaming agreement for collaboration on product development, maritime services and operational deployments.

Rosneft, ExxonMobil Continue Drilling for Now

Russia's Rosneft and U.S. ExxonMobil are continuing to drill in the Kara Sea and plan to stop work by Oct. 10, Russian Deputy Energy Minister Kirill Molodtsov said on Tuesday.

Aftermath of Scotland Independence Referendum: Platten Speculates

After the referendum debate on Scottish independence Guy Platten, Chief Executive Officer of the UK Chamber of Shipping has called for the divisions created by the campaign to be healed.

Tanker Trends

Iraq's Southern Exports Unaffected by Conflict

Southern exports average almost 2.60 million bpd; Exports close to record rate seen in May. Lack of Kirkuk northern exports limits overall supply. Iraq's oil

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

Navios Charters Out Newbuild MR2 Product Tanker

Navios Maritime Acquisition Corporation (Navios Acquisition), an owner and operator of tanker vessels, announced that the Nave Luminosity, a newbuilding MR2 product tanker of 49,

Finance

Insights: New York Canal Director Brian Stratton

Brian U. Stratton was appointed Director of the New York State Canal Corporation in April 2011, to oversee the operation and development of New York’s 524-mile Canal System,

Iraq's Southern Exports Unaffected by Conflict

Southern exports average almost 2.60 million bpd; Exports close to record rate seen in May. Lack of Kirkuk northern exports limits overall supply. Iraq's oil

Impact of CITGO Oil Refineries Sale: Analysis

A sale of Venezuelan state oil company PDVSA’s Citgo refining assets could dramatically change crude oil flows: Poten & Partners consider the outcomes in their latest 'Tanker Opinion'.

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.2436 sec (4 req/sec)