Shipper Torm cashes in on crude, naphtha trade

20 August 2008 17:17  [Source: ICIS news]

HOUSTON (ICIS news)--Danish shipper Torm on Wednesday attributed a surge in profits to shipments of crude and gasoline to the US and naphtha to Asia.

 

The company, which has a fleet of more than 125 vessels, reported a net profit of $145.4m (€99m) for the quarter ended 30 June, more than double the $66m (€45m) earned in the same period last year.

 

A week before, Torm had cited the same factors in raising its annual profit guidance by almost 20%.

 

"We have been favoured by high rates in the tanker market," CEO Klaus Kjaerulff said in a statement. "And taking the market situation and our coverage into consideration, the positive development seems to continue in the near future."

 

Torm shares traded on the NASDAQ at $32.85 Wednesday, up more than 1% from Tuesday's close of $32.40.

 

($1 = €0.68)

 

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Author: Lane Kelley
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