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Nominal DKr5 per share

Nominal DKr5 per share
Danish tanker owner Torm has agreed to issue $60.2m as an interim dividend, giving a nominal DKr5 per share.

Danish tanker owner Torm has agreed to issue $60.2m as an interim dividend, giving a nominal DKr5 per share.

Danish tanker owner Torm has agreed to issue $60.2m as an interim dividend, giving a nominal DKr5 per share.

The announcement came as Torm reported profits for the first three quarters of the year of $290m, with unutilised cash and credit facilities in excess of $700m.

The board of directors called an extraordinary meeting yesterday for clearance to issue the dividend, which it will do on December 23.

Torm operates a fleet of around 112 vessels, of which it owns about half. It has a further 18 vessels on order.

This summer the company said it anticipated a rise in earnings, raising its profit expectations for the second time in the year and bringing them to an all-time high of $355m-$370m. Torm has partnered with Prisco for its medium range and LR2 pool, the latter also being in conjunction with AP Moller-Maersk. It has a further LR2 pool with Nordic Tankers and Oldendorff, as well as a fleet of handysize tankers to its own account. The company also operates a fleet of 17 bulk vessels.

During the third quarter, Torm recorded operating profits of $67.8m from its 76-strong tanker fleet and $48.7m from its bulk vessels. However, the company has seen rates in its tanker trades drop, with its LR1 fleet dropping 14% over the year.

Chief executive Mikael Skov told that he saw the tanker trades being more susceptible to age. He said older vessels find it more difficult to get business as oil companies enforce stricter charter conditions. ?We are seeing a two-tier market developing,? he said.

www.TurkishMaritime.com.tr

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