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A/S Dampskibsselskabet Torm
TORM Increases Outlook for 2008 Earnings to All-Time High
August 29th, 2008
The Company's product tankers continue to contribute higher earnings than expected. The background for the performance is that TORM now commands a significantly larger fleet following the acquisition and integration of OMI and FR8 (50%) combined with the fact that the product tanker market is developing favourably with respect to demand and freight rates. TORM expects that this trend will continue in the near future and raises its pre-tax profit outlook for 2008 from USD 295-315 million to USD 355-370 million. "We expect our 2008 earnings to be the highest in company history. This is a consequence of our growth strategy and confirms our focus on the...
Source: Health Business Week (2008-08-29)
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