Torm upgrades profit expectations
A/S Dampskibsselskabet Torm, the Danish tanker and bulk-shipping operator, has raised its profit expectations for this year after rates for product tankers increased more than anticipated.
Torm said rates for it’s product tankers have increased substantially over the last two weeks based on heightened demand following Hurricane Katrina.
Torm has upgraded the expectations for the full year profit from $165 million-175 million to about $200 million before tax, receipt of dividends and profit from sales of vessels.
Torm has to date received dividends of $13 million and realized a gain on the sale of vessels of about $55 million.
In 2004, Torm’s profit before tax was $211 million.