Torm 2012 losses to top $579m

The 124 year old shipping company, which became majority owned by its creditor banks in December 2012 following a restructuring of debts over $1bn, reported that one bank group has exercised its option to initiate the sale of five vessels.

The vessel sales look set to conclude in 2013, and as a result the company said the five ships would be marked as assets held for sale in the upcoming end of year statement in March. In light of the news, the previous estimate of 2012 losses totalling $500m-530m has been revised upwards to a forecast loss before tax of $579m.

Torm expects to release its full year results on 15 March.