“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,” says CEO Jacob Meldgaard, and adds: “TORM incurred a non-cash impairment charge of USD 195m and now has negative equity. I am pleased that TORM’s operational platform continues to deliver competitive results, which is the foundation for a recapitalization of the Company”.
In the first quarter of 2014, TORM realized a positive EBITDA of USD 21m and a loss before tax of USD 222m including an impairment charge of USD 195m.
|Conference call||Contact TORM A/S|
|TORM will be hosting a conference call for financial analysts and investors at 3 pm CEST today. Please dial in 10 minutes before the conference is due to start on +45 3271 4607 (from Europe) or +1 877 491 0064 (from the USA). The presentation can be downloaded from www.torm.com.||
Tuborg Havnevej 18, DK-2900 Hellerup, Denmark
Tel.: +45 3917 9200 / Fax: +45 3917 9393, www.torm.com
Jacob Meldgaard, CEO, tel.: +45 3917 9200
Mads Peter Zacho, CFO, tel.: +45 3917 9200
Christian Søgaard-Christensen, IR, tel.: +45 3076 1288