TORM’s first half profit down 14%
Danish tanker shipping group A/S Dampskibsselskabet TORM today said that “volatile rates” saw its first half net profit slide 14 percent to $138.5 million, from $161.1 million a year ago.
Operating income was down 21 percent to $124.5 million although revenue improved 14.2 percent to $301.9 million.
“The number of earning days for both the tanker and the bulk divisions was 26 percent higher in the first half-year of 2006 than in the first half of 2005. This was countered by lower rates during the period,” TORM said.