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.
“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.
Technical Paper: How to Navigate the Dry Bulk Market
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.