TORM Product Tankship Deal With Oaktree Capital

Press Release
Tuesday, April 23, 2013
A TORM Tankship: Photo courtesy of TORM Tankers

Denmark's TORM agreed to sell five MR product tankers to a company controlled by Oaktree Capital Management as part of an earlier restructuring agreement.

The sale is a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement.

Oaktree will place the five vessels under TORM’s commercial management in a revenue sharing scheme, and utilize TORM’s integrated operating platform for technical management. TORM retains an upside potential through a profit split mechanism if Oaktree generates a return above a specified threshold.

The five vessels will be delivered to Oaktree during 2013. The transaction leads to a P&L loss of approximately $5 million which will be recognized in the financial statements in the second quarter of 2013.

Following the sale, TORM’s owned fleet consists of 60 product tankers and two dry bulk vessels.

TORM maintains its forecast for 2013 of a loss before tax of $100-150 million before potential additional vessel sales and impairment charges.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Haven Marine Signs Service Contract with Svitzer

Haven Marine Services informs it has signed a five year contract with Svitzer which will see the yard service the requirements of Svitzer’s vessels within the Bristol Channel and Irish Sea areas.

Portugal PM Warns Lisbon Dock Workers to End Strike

Portugal's prime minister warned Lisbon dock workers on Friday that his patience was running out after a strike that has lasted a month, paralysing the city's ports.

Tanker Trends

A Year is a Long Time in Tankers

The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age.    Analysis of the Suezmax fleet shows a similar picture,

Strike In France: Implications for Tanker Demand

After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing

Floating Storage Flattens Fortunes of $50 Crude

The prices of WTI and Brent crude briefly rose above $50/bbl during intraday trading on Thursday, the highest level seen since the end of July 2015, giving traders a brief moment of optimism,

Ship Sales

Greek Shipping – Still Number One!

Despite the many domestic and market challenges facing the Hellenic ship owning community, Greece has continued to strengthen its position as the largest ship owning nation in recent years,

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.0975 sec (10 req/sec)