Torm hikes profit outlook due to product tankers

11 August 2008 20:06  [Source: ICIS news]

HOUSTON (ICIS news)--Danish shipper Torm raised on Monday its annual profit guidance by almost 20%, predicting record earnings due to its favourable product-tanker business.

The company, which has a fleet of more than 125 vessels, said higher demand and freight rates from its product-tanker business prompted the revised estimate for full-year earnings of $355m-370m, (€238m-248m), which chief executive Klaus Kjaerulff termed "the highest in company history".

Torm's previous profit guidance was $295m-315m.

Torm shares, traded on the NASDAQ, hit $33.98 early Monday, up more than 10% from Friday's close. The shares fell back to $33.61 in midday trading.

Torm acquired US shipper OMI for $2.2bn in 2007.

($1 = €0.67)

To discuss issues facing the chemical industry go to ICIS connect

By: Lane Kelley
+1 713 525 2653

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly