Product tanker carrier Torm’s annual report has posted US$127 million in profit before taxes in 2015, according to Shipping Watch.
Jacob Meldgaard, CEO of Torms, said: “The positive market sentiments that started in the fourth quarter of 2014 continued throughout 2015 with freight rates reaching the highest levels since 2008.
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“The completion of Torm's restructuring has provided Torm with financial and strategic flexibility. Torm realized a pro forma EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortisation] of US$319 million and a return on invested capital (ROIC) of 14% in 2015, when adjusting for the restructuring.”
This is a positive result for the tanker company as the industry tackles a gloomy period of low freight rates and cheap oil prices.
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Recently in PTI news, it was reported that bulk carriers in particular have incurred critical losses as a result of a turbulent market.
A recent notable example has been dry bulk carrier J. Lauritzen, which reported a loss of $313.4 million.
