Restructuring costs totalled $210m, impairment on five MR vessels held for sale added $74m and an impairment related to Singapore product tanker owner FR8 added a further $42m in losses.
Torm's restructuring left it firmly in the hands of its creditors as the banks took a 90% share of the company in return for debt deferrals and new liquidity.
The company's tanker division suffered due to the low market, slowed economic growth and global drop in oil demand. Torm also admitted that its tanker results were adversely affected by its financial situation "to a significant degree."
The company's financial difficulties also caused problems for Torm's bulk division as it suffered a high number of waiting days. Drought in the US grain season, the Indonesian raw material export ban and tropical storm Isaac and Sandy added to their woes.
For 2013 Torm forecasts a pre-tax loss of $100m-$150m before vessel sales and impairment charges.
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